Below is the press release from my most recent Greenwich Report on the corporate bond market. As the title implies, the buy side is starting to get used to the way things are – they like all-to-all, but they also want a good user experience from the platform providers. Liquidity isn’t Improving but Credit Investors… Read More »
Originally posted on the Greenwich Blog There is a tremendous amount of irony in the path high-frequency trading – excuse me, principal trading firms have taken from their heyday in the late 2000’s. We alluded to this a few months ago in our Top Market Structure Trends to Watch in 2017: When I first started meeting… Read More »
I always have a lot of fun talking to Jim Jockle at Numerix, whether it be about quant models, financial markets or triathlons. Unfortunately they edited out our discussion of the latter, but what’s left hopefully is pretty interesting too.
The more things are changing, the more interesting it is to do research. And thankfully change doesn’t seem to stop coming. The last decade has seen the market structure geeks move their focus from swaps, to high frequency trading, to corporate bonds, to US Treasury bonds, to blockchain, to machine learning and, most recently, back… Read More »
I’ve been at Greenwich Associates a little over a year now. Since I’ve been here I’ve written a few blog posts about SEFs, but have otherwise not written any formal research pieces on the topic. When I started looking at this back in 2010 via SEF 101, it was a green field. Today there is… Read More »
I recently spoke with Bloomberg TV about a recent Greenwich Associates research report that examined the growth in electronic trading of US Treasuries by US investors. The US Treasury market is an obvious one for electronification – the products are standard, liquid and the number of market participants is large. But relationships still matter, and… Read More »
I spent most of my summer digging through our 2014 North American fixed income data looking to see what’s changed in the past year and what’s the come. While the bulge bracket continues to dominate rates, mid-tier brokers are making some headway in credit helped by increased client adoption of electronic trading platforms. But as… Read More »
The Wall Street Journal has a great featured piece today on the importance of the sales trader, which is something we at Greenwich have been out talking about quite a bit over the last few months. The WSJ story features our latest equity research (although the direct quote was unfortunately cut by the editors – sorry… Read More »
We’ve just released the results of our benchmark US equities study, based on almost 600 interviews with US equity investors. While Greenwich has been conducting this study for literally decades, this is my first market structure analysis of the data since joining the firm last summer. The report includes the expected critical data points – total… Read More »
For a market that is so electronic, using observable data to set benchmark rates shouldn’t be much of a stretch. About two weeks ago I did a taped interview for Central China TV (CCTV) America to discuss this an the electronification of FX more generally. The interview includes my attempt at explaining electronic trading in… Read More »